Diamcor Mining will delay the release of its audited financial statements for year ended March 31, 2020 and interim financial statements for the three-month period ended June 30, 2020.
The company said due to the novel coronavirus pandemic it has determined to follow the British Columbia Securities Commission Blanket Order 51-517 and similar exemptions provided by the Alberta Securities Commission, which provides the Company with an additional 45-day period to complete the Annual Filings.
The Blanket order allows for temporary exemption from certain corporate finance requirements with deadlines during the period from June 2 to August 31.
Diamcor said it continues to work with its auditors and expects to file the annual filings by September 14, 2020 and the Interim Filings prior to the extended 45-day deadline of October 13, 2020.
“As required by the Blanket Order, the Company’s management and other insiders are subject to a trading blackout…,” it said.
“The company confirms that, since the filing of its interim financial statements for the nine-month period ended December 31, 2019, there have been no material business developments…”
Meanwhile, Diamcor said it has engaged in ongoing discussions with the lenders who participated in the term loan financing announced on August 26, 2019 with a view to extending and amending the terms of the term loans that matured on August 26, 2020.
Diamcor said late July that it completed a tender and sale of 2,427 carats from its Krone-Endora at Venetia Project, in South Africa, generating gross revenues of $271,263.
The company recorded an average price of $111.87 per carat for the period.
Diamcor also said at the time that it is continuing with efforts to implement short-term operational changes and cost reduction efforts at Krone-Endora since the lockdown directive associated with the COVID-19 virus was imposed on March 23.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Exclusive
Mmetla Masire: Okavango to resume diamond sales in January
Botswana’s state-owned Okavango Diamond Company (ODC) is set to resume diamond sales in January 2025, whether the market remains depressed or not. ODC managing director Mmetla Masire told Rough & Polished’s Mathew Nyaungwa on the side-lines of...
Today
Helga Pombal: Angola's Stardiam finds solution to the threat posed by lab-grown diamonds
Stardiam manager of production Helga Pombal told Rough&Polished's Mathew Nyaungwa on the sidelines of the Angola International Diamond Conference that lab-grown diamonds are creating a parallel market for more accessible stones, combined with lower...
11 november 2024
Ellah Muchemwa: ADPA to launch Africa's first diamond mining standard next year
The African Diamond Producers Association (ADPA), which is based in Luanda, Angola, and represents the interests of mainly African diamond producers and those with the potential to produce diamonds, will next year launch the Sustainable Development...
04 november 2024
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
